Royal Bank of Canada Boosts Stock Holdings in Sysco Corporation $SYY

Royal Bank of Canada lifted its position in Sysco Corporation (NYSE:SYY) by 128.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 2,357,585 shares of the company’s stock after acquiring an additional 1,326,600 shares during the quarter. Royal Bank of Canada’s holdings in Sysco were worth $168,166,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Teacher Retirement System of Texas increased its holdings in Sysco by 8.0% during the 4th quarter. Teacher Retirement System of Texas now owns 370,571 shares of the company’s stock worth $27,307,000 after purchasing an additional 27,510 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Sysco by 9.5% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 412,423 shares of the company’s stock worth $30,445,000 after buying an additional 35,647 shares in the last quarter. Nicholas Company Inc. purchased a new position in shares of Sysco during the fourth quarter valued at $2,278,000. Norges Bank bought a new stake in shares of Sysco in the fourth quarter valued at about $542,780,000. Finally, Banque Cantonale Vaudoise lifted its stake in Sysco by 301.9% in the first quarter. Banque Cantonale Vaudoise now owns 16,828 shares of the company’s stock worth $1,200,000 after acquiring an additional 12,641 shares during the period. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Insiders Place Their Bets

In other news, Director John M. Hinshaw bought 13,304 shares of the stock in a transaction on Tuesday, May 26th. The stock was bought at an average cost of $75.17 per share, for a total transaction of $1,000,061.68. Following the completion of the purchase, the director directly owned 40,200 shares in the company, valued at approximately $3,021,834. The trade was a 49.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is currently owned by company insiders.

Sysco Stock Down 0.8%

NYSE:SYY opened at $84.65 on Friday. Sysco Corporation has a fifty-two week low of $68.19 and a fifty-two week high of $91.85. The stock has a market capitalization of $40.53 billion, a P/E ratio of 23.45, a P/E/G ratio of 3.36 and a beta of 0.64. The company has a debt-to-equity ratio of 5.58, a quick ratio of 0.80 and a current ratio of 1.33. The company’s 50-day simple moving average is $80.28 and its 200-day simple moving average is $80.10.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The firm had revenue of $20.52 billion during the quarter, compared to analysts’ expectations of $20.56 billion. Sysco had a return on equity of 103.57% and a net margin of 2.08%.The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.96 EPS. On average, equities analysts anticipate that Sysco Corporation will post 4.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SYY has been the topic of a number of research reports. Morgan Stanley raised their target price on shares of Sysco from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Piper Sandler reduced their price objective on shares of Sysco from $83.00 to $77.00 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Melius Research lowered Sysco from a “hold” rating to a “sell” rating in a report on Tuesday, July 7th. Citigroup reaffirmed a “neutral” rating on shares of Sysco in a research report on Wednesday, July 22nd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Sysco in a report on Friday, June 26th. Eight analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $88.00.

Sysco Profile

Sysco Corporation (NYSE: SYY) is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.